Rite Aid Corporation announced the completion of its previously announced debt refinancing transactions that extend the maturity of a portion of its outstanding indebtedness and lowers interest expense. The completed refinancing transactions consisted of a cash tender offer for any and all of Rite Aid's $810.0 million aggregate principal amount of 9.5% senior notes due 2017 that is being funded with the proceeds of Rite Aid’s previously announced offering of $810.0 aggregate principal amount of 6.75% senior notes due 2021, which closed today, together with available cash and/or borrowings under Rite Aid's revolving credit facility.

As part of the tender offer, Rite Aid solicited consents for amendments that would eliminate or modify certain covenants, events of default and other provisions contained in the indenture governing the 9.5% notes. Rite Aid announced that it has received the requisite consents to execute a supplemental indenture to effect the proposed amendments.

As of the consent payment deadline at 5 p.m., Eastern Time, on July 1, 2013, approximately $739.6 million aggregate principal amount of the 9.5% notes were tendered (representing approximately 91.31% of the outstanding 9.5% notes). Rite Aid has exercised its option to accept for payment and settle the tender offer with respect to all of the 9.5% notes that were validly tendered at, or prior to, the consent payment deadline upon which the supplemental indenture implementing the proposed amendments became effective.

Settlement of the purchase of these 9.5% notes occurred July 2, 2013.

The tender offer will expire at midnight, Eastern Time, on July 16, 2013, unless the tender offer is extended or earlier terminated. Although Rite Aid has called the 9.5% notes that remain outstanding following the tender offer for redemption (as discussed below), holders of such 9.5% notes may still validly tender their 9.5% notes prior to the expiration date.

Rite Aid also delivered notice that it had called for redemption all of the 9.5% notes that remain outstanding following consummation of the tender offer. The 9.5% notes that remain outstanding will be redeemed at a price equal to 103.167% of their face amount, plus accrued and unpaid interest to, but not including, the date of redemption. Redemption of the remaining 9.5% notes will occur on August 1, 2013.